Commercial Law Vocab
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Commercial Law Vocab
Commercial Law Vocab Test
Voacbulary for Commercial Law Vocab Quiz for Wednesday
What is a legally enforceable agreement?
What is the actual bargain of the parties?
What is the term where a court will enforce an agreement against a party?
What is the manifestation of an intent to act or refrain from doing an act?
What is an act or omission (refraining from doing something?
What are the provisions that are part of a K?
What are decisions on a certain set of facts which should be followed in a later case substanially with the same facts?
"Let the decision stand", is a legal concept where the facts are the same and therefore the decision should be the same is what?
What is the name of law that is created by the courts?
What is the name of the compilation of the generally accepted principles in the area of contracts?
Restatement of Contracts
What is the name of law that is created by legislation?
Statutory contract law developed by a committee, adopted by all states including NC in whole or in part
Uniform Commercial Code
Applies to sales and transactions
Uniform Commercial Code Article 2
Federal Law that addresses warranties in sales of products for use by Households, families, or individuals(consumer products)
Magnuson-Moss Warranty Act
North Carolina Laws created by legislature
NC General Statutes
Compilation of Federal Statutory Law
State law that protects consumers who purchase sub-standard cars
Commercial transactions conducted electronically
Scholary books on a subject
Formbook for NC that covers many topics on the Z-drive
A proposal made manifesting willingness to enter into a K-includes the intent to be bound by terms of the proposal.
Person making an offer
Person to whom an offer is made
A response to an offer manifesting a willingness to enter into a K- intent to be bound by the terms of the offer
The thing of value whivh is given up by each party to the K, "bargain-for exchange"
Both parties to the K have the same understanding of the terms of the K and agree to be bound by them.
Legal ability to enter into a K (18 years old or older and sound mind)
The purpose and subject matter of a K must be allowed by law
An ancient law which says taht some K's are so important, they must be in writing and signed
Statute of Frauds
A K which consists of a promise for a promise (from both sides)
a K which consists of a promise for a perfomance (from one side)
A K the terms of which are specifically stated (oral or written)
A K that is inferred from the actions of the parties
Obligation imposed by the court to prevent unjust enrichment of one party to the detriment of another (is not a contract, although it looks like a contract
A remedy- reasonable compensation that a person should receive based on the benefits that the other party has received
A contract which has been fully perfomed
A contract which is not yet fully perfomed
A contract with no legal effect
A contract that may be cancelled by one of the parties, but is not automatically void